Smart Bags Market Share, Size, Trends, Industry Analysis Report, By Material Type (Ballistic Nylon, Canvas, Leather, Polycarbonate, PVC, and Tegris); By Types; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 112
- Format: PDF
- Report ID: PM3562
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global smart bags market was valued at USD 1.36 billion in 2022 and is expected to grow at a CAGR of 12.5% during the forecast period. The constant rise in the tourism industry and airline travel across the globe, continuous innovations in product design and quality, and surge in the penetration regarding the integration of Internet of Things coupled with the growing focus of customers on luggage security and more innovative features, are driving the demand and growth of the market.
To Understand More About this Research: Request a Free Sample Report
Moreover, consumers are now seeking for convenience and functionality in their everyday lives and are significantly adopting bags integrated with features including built-in power banks for device charging, GPS tracking for locating lost or stolen bags, and smart compartments for organizing belongings, which is contributing positively towards the market growth.
For instance, in March 2023, Samsara Luggage introduced its latest collection of smart luggage including a range of “Best of” round ups. The newly developed “best in class” ranges of the Samsara Luggage’s are their most recent launch integrated with charging and advanced tracking capabilities.
Moreover, in the recent years, there has been several technological advancements and innovations are being implemented by major market players like location & proximity alerts, connectivity with smartphones, automated locking, and advanced tracking system, which have transformed the traditional or regular baggage to intelligent subsystems, that is creating lucrative growth opportunities for the market over the coming years.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the smart bags market. The spread of the deadly coronavirus worldwide has caused a significant shift in consumer preferences and priorities and penetration for the remote work and restriction on travel activities, resulted in decreased demand for travel oriented bags. The pandemic has also caused significant disruptions in global supply chains due to lockdown measures, travel restrictions, and factory closures during the pandemic.
For Specific Research Requirements, Request for a customized e Report
Industry Dynamics
Growth Drivers
The growing need and demand for connectivity and seamless integration with smart devices and proliferation for smart bags offering features like USB ports, wireless charging capabilities, and Bluetooth connectivity, allowing users to charge their devices on the go, stay connected, and access smart functionalities, are among the major factors driving the demand for these technologically advanced bags.
Furthermore, increasing environmental consciousness and the demand for sustainable products worldwide are driving the growth of eco-friendly smart bags at rapid pace. Consumers are now seeking bags made from recycled materials, sustainable fabrics, and environmentally friendly manufacturing processes, which encourage manufacturers to introduced sustainable smart bags into their product offerings and creating huge growth potential for the market. For instance, in August 2022, Samsonite, announced the launch of its new line of luggage made up from yoghurt cups and plastic bottles, in order to meet the rising demand for sustainable bags due to growing emphasis of younger travelers towards sustainability and adoption of greener options to neutralize the carbon footprint.
Report Segmentation
The market is primarily segmented based on material type, types, distribution channel, and region.
|
By Material Type |
By Types |
By Distribution Channel |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Ballistic nylon segment accounted for the largest market share in 2022
The ballistic nylon segment led the industry in 2022, and is likely to retain its market position throughout the anticipated period, mainly due to its high-water soaking ability and durability compared to other types of material. The ability of these materials to provide a reliable base material to easily incorporate several types of security features including RFID-blocking packets, tamper-resistant zipper, and reinforced compartments, which ensures the safety of products inside the bag, are also driving the growth of the segment market,
In addition, smart bags made up of these materials are often favored by professionals across the globe including business travelers, executives, and commuters, as these bags offer a professional and polished appearance suitable for corporate settings along with this, protection offered by ballistic nylon are highly valued by professionals who rely on their bags for carrying important documents, laptops, and other work-related items.
Duffle bags segment expected to hold significant market share
The duffle bags segment is projected to hold significant market share in terms of revenue over the study period, that is mainly attributable to for exponential growth in the popularity of these bags due to their convenience and portability, lightweight, easy to carry, and offer ample storage space. Beside this, duffle bags are now integrated with features like weatherproofing, anti-theft mechanisms, and rugged construction, which are high in demand because of the emerging trend of travel and adventure activities like hiking, camping, and sports, which in turn, has increased the product demand over the recent years.
The backpacks segment led the industry market with substantial market share in 2022, which is mainly driven by wide range of advanced and beneficial features integrated with these bags like anti-theft systems, RFID-blocking pockets, weather resistance, and adjustable compartments for organized storage coupled with the growing focus of manufacturers on designing sleek, modern, and stylish backpacks that align with current fashion trends.
Online stores segment is expected to witness highest growth
The online stores segment is expected to grow rapidly during the anticipated period, on account of increasing prevalence and popularity of various online shopping platforms offering smart bags and surge in the internet penetration across both developed and developing economies. Online platforms further allow consumers to compare different smart bags based on parameters like price, features, ratings, and customer reviews, which enables shoppers to make informed decisions by evaluating multiple options side by side, thereby propelling the growth of the market at rapid pace.
According to a World Bank report published in 2023, the total number of people using internet across the world was around 5.18 billion as per the start of 2nd quarter of 2023, that accounts of 64.4% of global population. Number of internet users are continuously growing and grew by around 147 million users in the last 12 months to April 2023.
North America region dominated the global market in 2022
The North America region dominated the global market with considerable share in 2022, and is projected to maintain its dominance throughout the anticipated period. The regional market growth can be largely accelerated to increasing adoption of smart bags as a fashion accessory with trendy color combinations, enhanced textures, clean countered lines, and innovative designs coupled with the presence of early technology adopters and tech-savvy consumers mainly in countries like US and Canada.
The Asia Pacific region is anticipated to be the fastest growing region with a healthy CAGR throughout the projected period, owing to surge in the awareness regarding the adoption of smart technology and number of consumers becoming more and more familiar with benefits and convenience offered by these smart devices. Additionally, significant technological advancements in areas such as embedded systems, Internet of Things, and smart textiles particularly in emerging economies like China and India have made it easier to develop and produce smart bags with innovative features, that has been influencing the market growth.
Competitive Insight
Some of the major players operating in the global market include Samsonite IP Holdings S.A.R.L., Delsey S.A., Away Com Inc., RIMOWA GmbH & Co Distribution KG, TraxPack LLC, Barracuda Inc., Horizn Studios GmbH, Planet Traveler USA, Neit Products Ltd., Arlo Skye, LugLoc Shop, Tumi Inc., UNCRATE LLC, Lufthansa, Bluesmart, Rollux Luggage, Andiamo, SAMSARA Luggage, Modobag, and Trunkster.
Recent Developments
- In April 2022, Samsara announced the expansion of its existing lineup with the launch of the Tag Smart Collection, that combines with the Apple AirTag. The new suitcase is specially designed to provide better functionality and technology to customers that is comparatively easy to navigate.
- In September 2022, Samsonite unveiled its new and sustainable luggage line in India named “Magnum Eco”, which harnesses the innovative advancements of recycled materials and help to reduce carbon footprint. The complete Magnum Eco collection uses only the recycled material technology Recyclex, and the new collection range is the result of research & development of several years.
Smart Bags Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 1.53 billion |
|
Revenue forecast in 2032 |
USD 4.42 billion |
|
CAGR |
12.5% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2021 – 2022 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Material Type, By Types, By Distribution Channel, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Samsonite IP Holdings S.A.R.L., Delsey S.A., Away Com Inc., RIMOWA GmbH & Co Distribution KG, TraxPack LLC, Barracuda Inc., Horizn Studios GmbH, Planet Traveler USA, Neit Products Ltd., Arlo Skye, LugLoc Shop, Tumi Inc., UNCRATE LLC, Lufthansa, Bluesmart, Rollux Luggage, Andiamo, SAMSARA Luggage, Modobag, and Trunkster. |
FAQ's
The global smart bags market size is expected to reach USD 4.42 billion by 2032.
Top market players in the Smart Bags Market are Samsonite IP Holdings S.A.R.L., Delsey S.A., Away Com Inc., RIMOWA GmbH & Co Distribution KG.
North America contribute notably towards the global Smart Bags Market.
The global smart bags market expected to grow at a CAGR of 12.5% during the forecast period.
The Smart Bags Market report covering key are material type, types, distribution channel, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
